He said it’s unlikely that the Federal Reserve will cut rates anytime soon, but that’s offset by money moving into stocks from real estate.

“A lot of that money is starting to come back into stocks,” Morgan said. “You read a lot about people moving out of speculating in condos or houses and (moving) into stocks. That could be a liquidity push that could put the market up higher even though we do have higher P/E ratios and we have higher yields on the ten-year (bond).”

But David Kotok, chairman and chief investment officer at Cumberland Advisors, said he sees tougher times ahead.

“This market is about to get heavy,” Kotok said. “It’s had the whole year’s run, or most of it, in the first five months (of the year). We’ve had some big changes just in the last couple of weeks -- interest rates, private equity under (is) attack, stock buybacks by companies (are) under attack. The world is changing and the market will confront it. When the market confronts the changes, and higher interest rates, it’s going to struggle.”